Skip to main content

Smart things to know about tax audits | Tax Audits | Certicom

Tax Audits: Smart things to know about Tax Audits

audits

Tax audits ensures proper maintenance of books of accounts and certification by a tax auditor.

The tax inspector is a taxpayer account with a business from tax revenues such as taxes, etc.
A taxpayer with a turnover exceeding Rs 1 crore in business (or better than tax) more than is required to obtain a Tax Audits.
Tax audits ensure proper maintenance of books and certification by tax auditors.
The tax audit report must be submitted on or before September 30 of the following year in the case of taxpayers who have not carried out international transactions.
If the taxpayer needed to get his books audited fails to do so then he is responsible for paying a fine of 0.5% of his turnover / gross revenue subject to a maximum of Rs 1.5 lakh

Comments

Post a Comment

Popular posts from this blog

Benefits of Filing ITR on Time - Avoid Penalties & Other Benefits | Certicom

Benefits of Filing Income Tax Return on time – AY 2018-19 1. Easy Loan Approval Registration of  ITR  will help individuals, when they need to apply for a vehicle loan (2-wheeler or 4-wheeler), mortgages, etc. All major banks can request a copy of the tax return 2. Claim tax refund If you have a refund for your  income tax , you will need to submit a tax return to claim the refund. 3. Income and address of evidence Income tax can be used as proof of income and address. 4. Quick Visa Processing Most embassies and consulates must submit a copy of your tax return in the past two years when a visa application is submitted. 5. Forward your loss If you sign up again within the due date, you will be able to claim losses over the next few years, which can be used to receive income from subsequent years. 6. Avoid penalties If you have to return your tax return, you will not be entitled to tax, up to Rs.5,000. 7. Refer to and earn up to Rs. 3000 Refer and get Rs
Post a Comment
Read more

Misconceptions on TDS |Tax Deducted at Source | Certicom

Misconceptions about TDS (Tax denied at source) I recently published articles on TDS for periodic deposits and TDS for the withdrawal of the EPF. I received lots of TDS comments/questions about the amount of the source. I have noticed that there are many  misconceptions   about TDS. Many investors think that TDS refusal completely removes their tax liability. Another misrepresentation is – “ Without TDS means, without a tax obligation “. What is TDS? The tax amount of the source or TDS is a tax collection process from the tax department. This involves collecting revenue at the very source of income. It is an essentially  indirect tax  collection method that combines the concepts of “pay as you earn” and “collect as you earned.” Example:  You reserve a bank fixed deposit for Rs 3 Lakh for 1 year @ 10% per annum. You will earn an income of interest of 30,000 pounds per year. The bank will deduct TDS at a rate of 10%, for example, 3,000 rubles (10% from 30,000 rubles) and deposi
Post a Comment
Read more

INCOME TAX RETURN QUICK GUIDE- WHICH, HOW, WHAT?? - Certicom

INCOME TAX RETURN QUICK GUIDE- WHICH, HOW, WHAT?? Certicom Consulting Certicom Consulting [ Kedia Arpana & Co ] is a group of Chartered Accountants in the business of Small Business Setup & Statutory Compliance including for Professionals for the past 15 years. We have been an established and popular company with an excellent track record for the best customer satisfaction. CA ARPANA KEDIA CHARTERED ACCOUNTANTS +91-9880052923 http://certicom.in/income-tax-return-quick-guide/
Post a Comment
Read more